Motorcycle insurance is similar to car insurance and requires many of the same considerations as far as mandatory and optional coverage.
Third party liability will cover you for the costs of any claim made against you in the event that you’re legally responsible for an accident that causes injury or death, or property damage. Each province requires a minimum level of coverage, but remember that a claim may exceed your coverage amount, so you can be held personally responsible for the balance. It is normally recommended to carry at least $1,000,000 in liability coverage.
Accident benefits are mandatory in all provinces but Newfoundland – they cover you, your passengers or pedestrians who are injured or killed in a motorcycle accident. Coverage varies between provinces, so you’ll need to check on details such as medical expenses, funeral costs, disability income, and death-related expenses.
Uninsured motorist coverage compensates you and your passengers for bodily injury if you're involved in an accident with an at-fault uninsured driver. Not all provinces include this option in insurance policies.
Motorcycle Collision coverage is optional, and compensates you for the cost of repairing or replace your motorcycle after sustaining damage in a collision.
Comprehensive coverage will protect you against risks other than collision, such as damage or loss resulting from theft, fire or vandalism.
Specified perils covers physical damage to your bike but only for damage caused by hazards specifically listed on the policy. The list may include theft, fire, weather damage, natural disaster (i.e. earthquake), and explosions to name a few. They don’t usually cover vandalism or damage caused flying or falling objects (e.g. rocks).
It pays to find out what your motorcycle insurance policy covers for sure and what it excludes. You may even be eligible for discounted insurances rates if you meet certain criteria. Ask your insurance broker how you can minimize your risks and insurance costs.